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SussexStruggler

To IVA or Not

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Not sure which way to turn

 

debts are

HMRC 9k overpayment on tax credits

Credit cards around 4k

small consumer debts around 2k

 

total debt 15k.

 

all household bills are up to date

 

we rent a house, and i am the sole provider

 

i have been advised by Creditfix to enter into an IVA...

 

not sure if this is the best or to go Bankrupt due to the HMRC debt..

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quite honestly I wouldn't touch them with a barge pole!!

 

pers id be writing to the consumer debt/card companies

asking them to freeze int / charges and accept £XX for xxMTS [pro rata]

 

there a suitable letter in the debt collection section of out library


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IVA are ok in certain situations.


An appeaser is one who feeds a crocodile, hoping it will eat him last. <br />

Winston Churchill

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First thoughts on this, have you questioned the £9K tax credit debt?

 

Send a (free) SAR, it's incredible how often they

 

A. Make a mistake

B. Make stuff up

 

For example I was shocked to find that they had lied about a phone call that never happened and had inflated my salary by £6k Per Annum. Despite clearly having contradictory evidence on their own computer system. Then, once you have found out how much you really owe, make an arrangement for £50 pm to pay back Tax Credits if necessary.

 

Also take a good read of the Tax Credits (COP 26). Google it, find out if anything on their applies to you.

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As your renting have you considered a Debt Relief Order ?

 

https://www.stepchange.org/how-we-help/debt-relief-order.aspx

 

Andy


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